AbbVie Inc. (NYSE:ABBV) Stake Lessened by Pitcairn Co.

by · The Cerbat Gem

Pitcairn Co. lowered its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 5.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,272 shares of the company’s stock after selling 2,282 shares during the period. Pitcairn Co.’s holdings in AbbVie were worth $7,163,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ABBV. Fairway Wealth LLC purchased a new stake in shares of AbbVie during the second quarter worth $26,000. Ridgewood Investments LLC purchased a new stake in shares of AbbVie during the second quarter worth $27,000. Quest Partners LLC raised its holdings in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares in the last quarter. Marquette Asset Management LLC purchased a new stake in shares of AbbVie during the third quarter worth $39,000. Finally, Mizuho Securities Co. Ltd. increased its position in AbbVie by 100.0% during the third quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

NYSE:ABBV opened at $176.94 on Friday. AbbVie Inc. has a 1 year low of $137.65 and a 1 year high of $207.32. The firm has a 50 day moving average of $189.47 and a 200-day moving average of $181.04. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The stock has a market capitalization of $312.68 billion, a P/E ratio of 61.44, a price-to-earnings-growth ratio of 2.09 and a beta of 0.63.

AbbVie (NYSE:ABBV – Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter in the previous year, the company posted $2.95 earnings per share. AbbVie’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.71%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is 215.28%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. JPMorgan Chase & Co. lowered their target price on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 13th. TD Cowen increased their target price on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. BMO Capital Markets lowered their target price on shares of AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 12th. UBS Group increased their target price on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $203.50.

Get Our Latest Stock Report on ABBV

About AbbVie

(Free Report)

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.

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